Gretchen Morgenson: A Bailout by Another Name

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Gretchen Morgenson: A Bailout by Another Name

Gretchen Morgenson: A Bailout by Another Name

ED DeMARCO is a marked man.

NYT-

The acting director of the Federal Housing Finance Agency and overseer of Fannie Mae and Freddie Mac, Mr. DeMarco is a soft-spoken, career public servant — and under fire. In the thankless job of conservator for the loss-ridden mortgage finance giants, he has a duty to ensure that the companies operate in the best interests of the taxpayers who own them. That means working to keep a lid on the companies’ losses, which now total $183 billion.

But in recent weeks, Mr. DeMarco has come under increasing pressure to chuck his obligation to taxpayers and make Fannie and Freddie write down principal on mortgages held by troubled borrowers. He says, with reason, that such a program would run counter to his legal obligation to pursue only those activities that pose the least cost to taxpayers.

[NEW YORK TIMES]

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3 Responses to “Gretchen Morgenson: A Bailout by Another Name”

  1. jurnei says:

    Just Laughable. His “obligation to tax payers”….as if that is different and apart from the borrowers in foreclosure!!

  2. Ken Hansen says:

    Gretchen is wrong again, this would not be a bank bailout.

  3. gregory says:

    This is a no brainer cut the principle on the first and make the bank cut the principle on the secound for the same amount.. This way america is not into that backdoor crap. No more bailouts means just that no more!!!!!!

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